I agree that the lessons learned is weak. The solution to a systemic failure like this can not be that everyone involved should try harder and be more careful.

I agree that the lessons learned is weak. The solution to a systemic failure like this can not be that everyone involved should try harder and be more careful. A solution is needed that addresses the weakness of the system. How about a solution where the approvers need to forfeit a significant amount into escrow accounts to cover losses and receive a portion of the payout for their efforts and investment. Any payout would be systemically limited to the total amount held in escrow. Writing this I realize that this perfectly describes a traditional financial institution. Not such a radically new idea.